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  • Term Insurance With Return of Premium (TROP) Plan

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    What is Term Insurance?

    Term insurance is the purest form of life insurance available in the markets. With a term insurance plan you get a sum assured to cover your life and the premiums are much much lesser than what you would end up paying for a ULIP or an endowment plan. With a term insurance plan, you can get your life assured for about Rs. 1 crore for a premium of just Rs. 7,000 (actual sum assured and premiums may differ from one insurer to another). A term insurance plan is also a good way to backup any other investments you may have made, in the sense that if those investments don’t pay out due to reasons like turbulent markets (especially in the case of ULIPs), a term insurance will pay the death benefits. It also affords the opportunity to leave behind a sizable amount of money for your family without having to pay through your nose for it thus making it very affordable.

    Term Insurance With Return of Premium

    How a term insurance plan works is that you pay a premium for the amount you chose as the sum assured. The premium may be paid throughout the duration of the policy, which can range from 5 years to 25 years depending on the insurance provider and the plan being offered. The time where the difference between a term insurance policy and a term insurance with return of premium (TROP) becomes apparent is when the policy matures. At the time of maturity the insurer will return the entire premium paid by the policyholder towards the policy.

    Survival Benefits

    Traditionally, term insurance plans dont offer any maturity benefits but with the TROP plans the survival benefit offered is the return of the premiums paid. Let’s look at an example. Let’s suppose that you are looking for a cover of Rs. 1 crore and find a TROP plan for which the premium is Rs. 7,100 per year. You take the plan for 10 years and the premium payment terms are regular pay. This means that over a period of 10 years you will spend Rs. 71,000 on the life insurance plan. How the TROP works is when the 10 years are over and you outlive the policy, the insurer will pay you a sum of Rs. 71,000 as the survival benefit.

    Top Term Insurance Plans With Return of Premium

    These are some of the term insurance plans that offer a return of premium on maturity.

    1. Max Life Premium Return Protection Plan

    2. ICICI Prudential LifeGuard

    3. Tata AIA Life Insurance iRaksha TROP

    4. MetLife Suraksha TROP

    Key Features of Term Life Insurance Plans With Return of Premiums

    These are some of the features that you can expect from a TROP. It should be remembered that while some of the features are dependent on the insurer's policies and can differ.

    Policy term

    The duration of a term insurance policy with return of premium can range from 5 years to 35 years.

    Entry Age

    The entry ages for these plans will depend on the maturity age and the policy term that is selected. The minimum age can be 18 years and may change depending on the insurer and the plan.

    Plan type

    These are pure protection plans.

    Age at maturity

    The age at maturity can be up to 75 years of age.

    Policy revival

    If a policy has lapsed due to non-payment of premiums it can be revived within 2 years from the last premium paid.

    Premiums

    The premiums for these policies can be paid in the following ways:

    • One time lump sum

    • Annually

    • Half yearly

    • Quarterly

    • Monthly

    Premium paying term

    These policies tend to be regular pay polices wherein the premiums need to be paid for the duration of the policy term. Some insurers even offer the option of a one-time payment of premiums.

    Nomination

    These policies do offer nomination facilities.

    Sum Assured

    There is no limit on the sum assured with a term insurance, though it can be subject to insurance underwriter’s approval or company policy.

    Policy coverage

     

    Free-look period

    The free look period for term insurance policies is 15 days from the day that the policy documents are received on.

    Grace period

    The grace period provided for the payment of the premium is 30 days from the due date. This period may be a bit shorter in case the premiums are being paid monthly.

    Benefits Offered by Term Life Insurance Plans with Survival Benefits

    • Death benefits: In the unfortunate event of the death of the life insured, the nominee will be paid the entire sum assured as the death benefit.

    • Tax benefits: The premiums paid for these policies can be submitted for tax benefits under section 80C of the IT Act.

    • Maturity benefits/survival benefits: Being a return of premium plan, the maturity benefit will be a return of 100% of the premiums paid.

    • Riders: These policies can be coupled with various riders offered by insurers like critical illness rider or accidental death riders.

    • Paid up value: If the premiums for the policy are not paid and the policy lapses without being revived, instead of ceasing the cover the insurers will reduce the death benefits to suit the premiums paid and continue life cover till the policy term expires.

    • With some insurers, if you choose to discontinue the policy, they will return the premiums paid minus a fee or a predefined amount.

    How to Choose The Best Life Insurance Plan With Return of Premium:

    Finding the right term insurance plan can be an easy task if you keep a few factors in mind. These are:

    • The cover amount should be sufficient to ensure your family’s financial future if something happens to you.

    • The premium that you have to pay should be affordable.

    • The claims settlement ratio of the insurer must be good.

    • In case you don't want to make a one-time payment, the plan should allow for annual, half-yearly, quarterly or monthly payments.

    Term Insurance Plan Return Premium FAQ’s

    1. Q. What is importance of term insurance policies?

      A.A typical term insurance policy will provide you with a total sum assured amount covering your entire life. Additionally, lower premiums involved in term plans are a great reason why people want to purchase them. In comparison with ULIP or an endowment plan, a term insurance policy is much more reliable as it essentially provides as a backbone for any another investment you may have made.

    2. Q.Term Insurance Policies: How They Operate?

      A.You begin by choosing a particular plan most suitable to your needs and the needs of your family members for which you go ahead and pay the entailed premiums. The policy’s total duration can range from 5 years to 30 years depending on the insurer and the policy that you have chosen. When a term insurance policy matures, the insurer thereby returns the premium amount contributed by the policyholder. In case you want a premium return upon maturity of the policy, you can conduct adequate research before investing, however, the below-mentioned term insurance policies offer return of premiums: Max Life Protection Plan - Offers Return of Premium TATA AIA Life Insurance ICICI Prudential TROP Offered by MetLife Suraksha There are multiple factors that one must keep in his/her consideration before buying a term insurance policy. Some of these factors include the claim settlement ratio of the insurer, the amount of money you are paying as premiums, if the policy has an option to pay the premiums monthly, quarterly, or annually, and so on.

    Term Insurance Plan With Return of Premium Reviews

  • Page 1 of 27 1 2 3 4 5
    • ICICI Prudential Life Insurance
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      I had taken this insurance policy almost seven years back and it had been a very good experience with them so far. The premiums had been paying online and the payment methods has been simple and i had been making the payments annually. The policy coverage and the plan benefits with the card also had been good as well.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jul 31, 2018
    • ICICI Prudential Life Insurance
      "Average Service"
      0.5 3.0/5 "Satisfactory"
      It has been a very good experience with them and i had not made any claims till now. The insurance policy will cover all the metal parts and i had been paying the premium annually. I had been making the premiums directly and there has not been any issues faced so far.
      Was this review helpful? 1
      , noida
      Reviewed on Jul 29, 2018
    • LIC Life Insurance
      "Good service"
      0.5 3.0/5 "Satisfactory"
      I had taken this insurance policy almost ten years back. The services which they had provided so far had been good. I had been paying all the premiums online and it had been easy and the sum assured with the policy has not been calculated yet. Overall it had been a hassle free experience.
      Was this review helpful? 1
      , sambalpur
      Reviewed on Jul 26, 2018
    • Birla Sun Life Insurance
      "good policy"
      0.5 5.0/5 "Blown Away!"
      I had applied and got a Life insurance policy from Aditya Birla Group companies "BIRLA SUN LIFE INSURANCE". I can prefer on line payments type to renew my life insurance policy with in due time. The customer service is good and well responsive. The premium amount is affordable by comparing to other premiums.
      Was this review helpful? 0
      , kolkata
      Reviewed on Feb 28, 2018
    • LIC Life Insurance
      "Good policy to use"
      0.5 4.0/5 "Great!"
      I have a LIC policy from last 8-10 years and it is a money back policy. The tenure of this life insurance policy is 20 years and i get a money back after every 5 years. I pay my premiums on time and i am convenient with the payment options. I am happy with the coverage and benefits of this policy.
      Was this review helpful? 0
      , navi mumbai
      Reviewed on Jan 04, 2018
    • LIC Life Insurance
      "Beneficial services"
      0.5 4.0/5 "Great!"
      I have taken a money back policy with LIC and the premiums are paid on a yearly basis. I pay a premium of 6600 and I get a bonus of 20K after four years. After the maturity term I would get the other policy coverage as well. It is a beneficial policy.
      Was this review helpful? 0
      , lucknow
      Reviewed on Nov 09, 2017
    • LIC Life Insurance
      "Overall good. Can do better on payment options"
      0.5 4.0/5 "Great!"
      I have taken my life insurance with LIC and the process to get my policy through was pretty much easy. It is a normal insurance and the tenure for it is for 20 years. I been a customer for the last seven years. I am finding it a bit difficult to pay my premiums as I am trying for a online feature.
      Was this review helpful? 0
      , mumbai
      Reviewed on Oct 29, 2017
    • Aegon Life Life Insurance
      "EXCELLENT"
      0.5 5.0/5 "Blown Away!"
      Aegon Life is also good in the benefits. I have taken a normal life insurance policy from them and they have flexible premiums. It is economical. I would get my benefits after the tenure of 20 years. I have the facility to make my payments through my debit or credit card.
      Was this review helpful? 0
      , jalandhar
      Reviewed on Oct 16, 2017
    • HDFC Life Life Insurance
      "EXCELLENT"
      0.5 5.0/5 "Blown Away!"
      I have taken a term insurance from HDFC Life. They are very good in services. They send me updates on the policy and also reminders for the payments. The premiums are economical and it is easy to pay it online. This policy had good benefits at the time when I purchased it.
      Was this review helpful? 0
      , bangalore
      Reviewed on Oct 16, 2017
    • LIC Life Insurance
      "Benefits are good"
      0.5 5.0/5 "Blown Away!"
      I have taken a money back policy from LIC. The plan has good benefits. The tenure is for 20years and every four years I would get a bonus and the premiums are normal. The payments can be paid online and I got the policy online as well. Overall good.
      Was this review helpful? 0
      , bangalore
      Reviewed on Sep 27, 2017
    • LIC Life Insurance
      "Secure"
      0.5 5.0/5 "Blown Away!"
      I have taken a policy for my children from LIC. The policy would be helpful for my kids future. The tenure is for 15 years and it has very good benefits and the coverage is also good. I pay my premiums on a monthly basis. I can make my payments online.
      Was this review helpful? 0
      , visakhapatnam
      Reviewed on Sep 19, 2017
    • Aegon Life Life Insurance
      "Satisfied"
      0.5 5.0/5 "Blown Away!"
      Aegon Life is also good in the benefits. I have taken a normal life insurance policy from them and they have flexible premiums. It is economical. I would get my benefits after the tenure of 20 years. I have the facility to make my payments through my debit or credit card.
      Was this review helpful? 0
      , jalandhar
      Reviewed on Aug 30, 2017
    • LIC Life Insurance
      "New policy and best one"
      0.5 5.0/5 "Blown Away!"
      Jeevan Umand is recent policy at LIC. I get 8% guaranteed life term returns. If I pay a lakh for 15 years, I would get one lakh for life time and it would be tax free. The risk over will also increase. The premiums are economical and I can pay it online.
      Was this review helpful? 0
      , vadodara
      Reviewed on Aug 26, 2017
    • LIC Life Insurance
      "Excellent benefits"
      0.5 4.0/5 "Great!"
      My life insurance is with LIC. I have taken a money back policy. The benefits are excellent and the process for payments has also become very convenient. I can pay my premiums online. The tenure is for 20 years. Every five years I would get a bonus.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Aug 17, 2017
    • HDFC Life Life Insurance
      "Satisfied with the services"
      0.5 5.0/5 "Blown Away!"
      As a existing customer and a ex employee of HDFC Bank. I was also given a good benefit on the Term insurance from HDFC Life. The process to get the policy was simple as it was only. The term is for 60 years and the premiums are economical. The payment options are very much convenient.
      Was this review helpful? 0
      , bhiwadi
      Reviewed on Aug 05, 2017
    • ICICI Prudential Life Insurance
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      I am having life insurance policy with the ICICI prudential life insurance company . I had been with them from the last four years of time The premiums are economical around 5646 every month. I have taken a life insurance just six months ago and in case of death the whole amount of a crore will be going to my wife and children,
      Was this review helpful? 0
      , ghaziabad
      Reviewed on Jun 20, 2017
    • LIC Life Insurance
      "Overall good & Secure"
      0.5 4.0/5 "Great!"
      I have taken my life insurance from LIC. I am a customer for four years and it has been a good experience till date. I have taken a money back policy and the tenure is for 15 years. I get a cash back bonus every four years and the premiums are paid on a monthly basis. It is economical.
      Was this review helpful? 1
      , faridabad
      Reviewed on May 27, 2017
    • ICICI Prudential Life Insurance
      "Good policy coverage"
      0.5 5.0/5 "Blown Away!"
      ICICI prudential is perfect in the customer services as they keep the customers updated about the policy and they are prompt in sending reminders for the payments. The premiums are economical. I have taken a life insurance. I need to make a payment for three years and after the fifth year I would get my returns.
      Was this review helpful? 1
      , tiruchirapalli
      Reviewed on May 24, 2017
    • Birla Sun Life Insurance
      "Good benefits"
      0.5 4.0/5 "Great!"
      I have also taken a ULIP policy from Birla Sun life and there are various tenures offered on this policy. The tenure I have opted for is five years and the payment options are very convenient as well. I can pay my premiums online or by cheque or directly at the office.
      Was this review helpful? 1
      , vadodara
      Reviewed on May 23, 2017
    • LIC Life Insurance
      "Good benefits"
      0.5 5.0/5 "Blown Away!"
      I have taken a life insurance policy at LIC. The tenure for this policy is for 20 years and though it is a long way off to get my benefits. I am happy with the policy coverage because LIC is known to be secured and trustworthy. I pay my premiums on a quarterly basis and it is economical.
      Was this review helpful? 0
      , solapur
      Reviewed on Mar 14, 2017
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